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Moody's and state economists warn tariffs and uncertainty will slow U.S. and Nevada growth
Summary
Moody's Analytics and Nevada state economists told the Economic Forum on May 1 that new reciprocal tariffs and resulting uncertainty have reduced national growth expectations and will slow Nevada's economy, with the tourism and leisure sectors most exposed.
Moody's Analytics and Nevada state forecasters told the Economic Forum on May 1 that a recent escalation in U.S. trade tariffs and related policy uncertainty have reduced their growth outlooks and are likely to slow employment and consumer spending in the months ahead.
Emily Mandel, associate director and senior economist at Moody's Analytics, said the firm has "significantly downgraded" growth expectations since its November 2024 forecast, largely because announced tariff measures raise costs and uncertainty for businesses and households. Mandel said Moody's baseline still avoids a technical recession but forecasts materially slower GDP and job growth unless trade policy pivots by mid-summer.
The forecast…
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